LONDON–(BUSINESS WIRE)–Technavio market research analysts forecast the global automotive regenerative braking system (RBS) market to grow at a CAGR of over 36% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global automotive regenerative braking system market for 2017-2021. The report also lists hybrid vehicles, plug-in hybrid vehicles, and pure electric vehicles as the three major segments based on vehicle type, of which the hybrid vehicles segment accounted for close to 62% of the market share.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global automotive regenerative braking system market:
- Increasing sales of electric vehicles
- Increasing traffic congestion pushing demand for regenerative braking
- Declining prices of lithium-ion batteries driving sales of hybrid and plug-in hybrid vehicles
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Increasing sales of electric vehicles
Electric vehicles are the most promising alternatives to internal combustion engine (ICE) vehicles. These vehicles have already marked their presence in the global automotive industry both in terms of popularity and volume sales. The increasing volume sales of such vehicles is inherently driving numerous markets, including the automotive RBS market. RBS is mostly used in hybrid and electric vehicles, and their growing sales is driving the market growth.
According to Keerthi Balu, a lead analyst at Technavio for automotive components research, “Stringent emission norms, fuel economy regulations, and measures to reduce the dependence on depleting natural resources have been the major drivers from the government side. In addition, improvements in the electric vehicle market in the form of a longer driving range, faster charging are helping in driving the growth of global electric vehicle market. This, in turn, is pushing the demand for automotive RBS.”
Increasing traffic congestion and traffic jams pushing demand for regenerative braking
Traffic congestion in the metros is increasing across the world, and this is pushing the demand for RBS in electric vehicles as a measure to harvest energy generated during braking. Stop-and-go traffic increases the idle time of the engine and results in energy loss. This affects the overall energy efficiency, which is wasted after every braking situation (30% wastage). RBS plays an important role in such situations. RBS allows the conversion of kinetic energy, generated during the application of brakes, into electrical energy, which can be stored in a battery or used during acceleration.
“The efficiency of the RBS depends on factors such as efficiency of the storage system, but 60%-70% efficiency can be achieved on an average. This allows electric vehicles to increase the mile range, and save cost during traffic congestion. These factors are expected to increase the preference for RBS in vehicles, during the forecast period,” says Keerthi.
Declining prices of lithium-ion batteries driving sales of hybrid and plug-in hybrid vehicles
Lithium-ion batteries are crucial plug-in hybrid and electric vehicles. Although the electric vehicles used to be much expensive during their introduction phase, the cost of these vehicles is reducing gradually due to the decrease in the cost of sub-systems and components. Since electric vehicles are powered and driven by battery-powered systems, the improvement in the battery technology is one of the crucial factors driving the global electric vehicle market. Therefore, the reduction in the battery prices to be the crucial factor for the growth of the plug-in hybrid and electric vehicles market, which would consequently drive the growth of RBS market during the forecast period.
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